Obtaining stacked uninsured motorist coverage is a good idea for Florida
drivers who have multiple vehicles, as it allows for the combination of
coverage limits for each accident. Non-stacked uninsured motorist
coverage is the best option for Florida drivers who only have one
vehicle.
In the auto insurance industry, stacking means adding coverage levels for multiple vehicles together to produce a higher limit. If, for example, you purchase $10,000 per person/$20,000 per accident in UM coverage for two vehicles, stacking would increase your total coverage to $20,000 per person/$40,000 per accident, no matter which car of the two vehicles you were driving when the accident occurred. Importantly, if you have stacked UM coverage on only one vehicle, and you are injured in an accident in one of your other vehicles, the UM coverage is still available to you.
On the other hand, if you have non-stacked coverage and own more than one vehicle, you will be limited to the UM coverage on the vehicle that was involved in the accident. Some insurance companies may be willing to offer non-stackable coverage at a reduced rate, since they will only pay the maximum amount allowed for one insured automobile. Purchasing non-stacked coverage is a good idea for those who do not have more than one vehicle in their household.
While stacked coverage can provide motorists with financial benefits that non-stacked coverage cannot, there are some restrictions involved with stacking. Only uninsured and underinsured motorist coverage can be stacked. Liability, personal injury protection and medical payment coverage are not eligible for stacking. Purchasing stacked insurance, while it has these limits, can be useful for Florida residents who own more than one car. Having this kind of coverage greatly increases the amount you can recover if your vehicle is struck by an uninsured driver, and you can use this extra money to pay for medical expenses that might not have been fully covered.
Stacking is also an affordable option for Florida motorists. While stacked uninsured motorist coverage can cost twice as much as non-stacked coverage, uninsured motorist premiums are typically low. Therefore, the cost of stacking your coverage is not likely to be a great expense and would be well worth it.
Every insurance company has different rules about stacking, and it is best to ask your insurance agent about the specifics to see if stackable coverage is the right option for you.
In the auto insurance industry, stacking means adding coverage levels for multiple vehicles together to produce a higher limit. If, for example, you purchase $10,000 per person/$20,000 per accident in UM coverage for two vehicles, stacking would increase your total coverage to $20,000 per person/$40,000 per accident, no matter which car of the two vehicles you were driving when the accident occurred. Importantly, if you have stacked UM coverage on only one vehicle, and you are injured in an accident in one of your other vehicles, the UM coverage is still available to you.
On the other hand, if you have non-stacked coverage and own more than one vehicle, you will be limited to the UM coverage on the vehicle that was involved in the accident. Some insurance companies may be willing to offer non-stackable coverage at a reduced rate, since they will only pay the maximum amount allowed for one insured automobile. Purchasing non-stacked coverage is a good idea for those who do not have more than one vehicle in their household.
While stacked coverage can provide motorists with financial benefits that non-stacked coverage cannot, there are some restrictions involved with stacking. Only uninsured and underinsured motorist coverage can be stacked. Liability, personal injury protection and medical payment coverage are not eligible for stacking. Purchasing stacked insurance, while it has these limits, can be useful for Florida residents who own more than one car. Having this kind of coverage greatly increases the amount you can recover if your vehicle is struck by an uninsured driver, and you can use this extra money to pay for medical expenses that might not have been fully covered.
Stacking is also an affordable option for Florida motorists. While stacked uninsured motorist coverage can cost twice as much as non-stacked coverage, uninsured motorist premiums are typically low. Therefore, the cost of stacking your coverage is not likely to be a great expense and would be well worth it.
Every insurance company has different rules about stacking, and it is best to ask your insurance agent about the specifics to see if stackable coverage is the right option for you.
Milla Tawnie writes for Orlando auto insurance and Orlando home insurance agency, the Florida Insurance Group. To learn more or to get auto and home insurance quotes, visit FloridaInsurance.com.
Source: ArticleTrader.com
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